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Warm-Up, Midterm Review (a)

Warm-Up, Midterm Review (a) - Accounting II Warm—up...

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Unformatted text preview: Accounting II Warm—up, Midterm Review 1. The effect of a stock dividend is to transfer Equity form contributed capital to retained earnings. Assets to the stockholders. , t/Equity from retained earnings to contributed capital. Assets to contributed capital. , . 3/12, , 23/ 2. A company has 55,000 Common shares outstanding from January 1 to April 1, and 61,000 common shares outstanding from April 1 to December 31. What is the weighted average number of common stock shares used’in earnings per share calculations for the year? 07/! 2’ 7f /; 730 “59,500 ,. _ [/51 7 .55 59,167 /”——-”"’ * 58,000 527. "53a 59,250 3. Which of the following would not affect the balance of the Retained Earnings account? \/A stock split. A stock dividend. b? prior period adjustment. E ,‘_ ‘ company’s profit and losses” ‘4. An excess of Income Taxes Expenses over Income Taxes Payable will result in recording a « W Debit to Deferred Income Taxes. mggéfg: . 1:: 60 * Credit to Prior Period Adjustments. . 7 A’ .. Debit to Income Taxes Payable. 60¢ / CI / Credit to Deferred Income Taxes . 4,400,000 4014 Achmed Corp. has 4,000 shares of $100 par value, 10%LW preferred stock “ 5 dw‘i‘é’and 20,000shares of $20 par value common stock outstanding, In addition, retained earnings total $210,000. If the preferred stock is callable at $103 per share and one year dividends are in arrears, compute book value per share of preferred stock and common stock {assume no Additional Paid in Capital). . 0W 2)., Preferred . /034- /0 4.: [/3 C/SQQDD 01 C 10. ll. 12. Analysis of the financing activities section of the statement of cash flows will disclose the amount of money loaned to others. the extent of investments in plant and equipment. net income for the period. ' ' \/any sales or repurchases of stock. , " M 6 «fl» An asset is purchased for $200,000. The asset has an estimated residual value of $40,000 and an estimated useful life of ten years. After four years of use, the‘ estimated residual 499K value is revised to $28,000. Please answer the following questions assuming straight line depreciation is used: What is the depreciation expense related to this asset for year five? /g/< What is the cost of this asset on the books, the accumulated depreciation related to this asset on the books, and what is the .“book” value of this asset at the end of year? Assuming that asset is sold for $10100,000 what is the gain bf loss’on'tlie sale and provide the related journal entry for the sale below. Which or the following is not a result of adopting the just-in-time' onefatfn‘g'efivironment? Reduced materials waste. ’Reduce—‘dyprlgldiicet—ion time. ‘/Reduced total labor hours. Reduced production costs Activity—based costing traces costs to a company’s activities related to Purchasing and setup. ‘/Production and non—production. Production only Non-production only. Integrity standards of management accountants include Refraining from accepting hospitality gifts from coworkers. Refraining from activities that the company does not actively endorse. \/ Avoiding actual or apparent conflicts of interest. Avoiding only those conflicts of interest that occur between co—workers. ...
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